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Gold prices today rise to 2-week high but down ₹9000 from record high, silver rates up

Gold rates today: On MCX, prices rose to ₹47,445 per 10 gram

1 min read . Updated: 06 Jul 2021, 09:45 AM IST Edited By Surajit Dasgupta

A retreat in US dollar helped boost gold prices
Analysts suggest buy-on-dips strategy for gold

Gold and silver edged higher in Indian markets, supported by positive global cues. On MCX, gold futures were up 0.3% to near two-week high of ₹47,445 per 10 gram while silver gained 0.3% to ₹70254 per kg. In the previous session, gold had edged up 0.11% while silver had declined 0.18%. Traders can look forward for buy-on-dips opportunity in MCX gold future from the levels around 47050 with stop-loss of 46575 for the target of 47900-48175, says CapitalVia Investment Advisor.

MCX gold future has support at ₹46,920- 46340 and resistance at ₹47870 - 48709, it added.

In global markets gold rates were steady and edged towards $1,800, boosted by a subdued dollar. Spot gold was steady at near two-week high of $1,792.34 per ounce. Investors however remained cautious ahead of release of minutes from the U.S. Federal Reserve's June policy meeting for more clarity on monetary policy going forward.

After a hawkish tilt from the US Fed last week gold prices fell below $1,800 level. Higher interest rates translate into a increase in opportunity cost of holding bullion, which pays no interest.

Technically, for gold, "breaking either the sides of $1745-1800 regions would suggest fresh short term direction to the commodity. Anyhow, prices have more room to break $1800 and edge prices higher for the day," domestic brokerage Geojit said.

On the other hand, silver edged 0.1% lower to $26.44 per ounce while platinum gained 0.5% to $1,102.56.

The dollar index softened to 92.132, dropping from a three-month high at the end of last week. A weaker greenback makes gold less expensive for holders of other currencies.

Global equity markets remained near record highs, supported by data from a survey that showed euro zone businesses expanded activity at the fastest rate in 15 years in June amid easing of coronavirus restrictions. (With Agency Inputs)

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